What a couple who took the plunge learned, plus advice from a real estate agent, lender, inspector and insurer.
Buying a home is the biggest — and most expensive — decision most people will ever make. The process — from deciding which neighborhood you like to filling out a loan application — is lengthy and complicated. It can be especially daunting for first-time homebuyers in today’s overheated market. Demand outstrips supply, prices are high, and mortgage rates are rising.
Sales of existing homes in the Dallas-Fort Worth area rose 13 percent in August from a year earlier, according to Texas A&M University’s Real Estate Center and the North Texas Real Estate Information Systems. A short supply of homes for sale — just over a two-month supply — has driven up home prices. The median price for a single-family house rose 9 percent to $210,000 in August.
For a first-timer, the experience can be equally thrilling, exhausting and scary. After all, you’re making what could be the biggest purchase of your life and you don’t want to regret it. That’s where a little preparation can make a big difference.
To help you in your journey, we talked to a couple who recently bought their first house, a real estate agent, a lender, a home inspector and an insurance agent about what you need to know.